Royal DSM

Royal DSM is engaged in the creation of products and services in Life Sciences and Materials Sciences. Co.'s products and services are used globally in range of markets and applications in healthcare, pharmaceutical automotive and chemicals sectors. End markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. The activities of Co. are grouped into four clusters: Nutrition, Pharma, Performance Materials and Polymer Intermediates.
  • TickerDSM
  • ISINNL0000009827
  • ExchangeEuronext Amsterdam
  • SectorChemicals
  • CountryNetherlands
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Benelux Morning Notes

AB InBev: Waiting for the storm. Ahold Delhaize: Bumper results. Air France-KLM: 1Q20 weak but best quarter in FY20. ArcelorMittal: 1Q20 better than expected earnings and cash, taking the right measures. BAM: Weak 1Q and not so much due to Covid-19 yet. Basic-Fit: Gym closures in NL extended to 1 September. DSM: Superhero. Euronav: Strong 1Q20 beat, even stronger 2Q outlook. Groupe Bruxelles Lambert: Drop in net result vs. spike in cash earnings. KPN: VodafoneZiggo reports strong Q1, cuts its 2020 OCF guidance. Van Lanschot Kempen: Market dislocation results in net loss for...

Alan Vandenberghe ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AD NA, AKA FP, BAMNB NA, BFIT NA, CYAD BB, DSM NA, EURN BB, GBLB BB, INTO BB, KIN BB, NN NA

AB InBev: 1Q volumes -9.3%, EBITDA -13.7% Ahold Delhaize: Very strong margins and FCF in 1Q20 AKKA: 9% org. decline in Q1, 15-20% drop foreseen in 1H20 BAM Group: 1Q20 results Basic-Fit: Gyms max closed until 1 Sept in NL Celyad: 1Q20 update in line with expectations DSM: Resilient 1Q with EBITDA flat Euronav: Solid quarter, total $ 1.1 p.s. dividend paid in June GBL: Withdrawal of € 1b in Credit Lines IO&W: 1Q20 Results: Buy confirmed Kinepolis: Dutch Cinemas open as of 1 June with max capacity NN Group: NN added today to our Top Picks list Various: DTPL : NN in; Agfa, Orange Belgium and Sipe...

Alan Vandenberghe ...
  • Guy Sips
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGFB BB, BALTA BB, BPOST BB, DSM NA, GVNV NA, IVA FP, MITRA BB

Agfa: Completed sale of part of HealthCare’s IT business Balta: 1Q results still OK, coming quarters will be tougher bpost: Slightly better Q1 results, no dividend update yet DSM: Preview: resilience from Nutrition expected in 1Q GrandVision: Materially affected by COVID-19 Inventiva: NATIVE-trial baseline characteristics disclosed Mithra: Myring commercialization in Switzerland with Gynial

Alan Vandenberghe ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Thematic Note : Oil My Glut

The current COVID-19 crisis has paralyzed the world economy and pushed down oil prices to extreme low territories. OPEC+’s responsive production cuts have so far been as much as a drop in a bucket of falling demand. Oil majors have been among the first to announce significant Capex and Opex reductions for 2020, having a rippling effect throughout the eco system. In the following, we have taken a look at the oil situation so far and to what extent we believe the companies under our KBC Securities coverage could have negative, or even positive effects from the current low oil price environment....

Expert Corporate Governance Service (ECGS)

Koninklijke DSM – AGM 8 May 2020

In general, Koninklijke DSM ("DSM") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 9b the supervisory board seeks authorisation to be the designated body entitled to issue additional shares and/or grant of rights to subscribe for shares in connection with mergers, acquisitions and/or (strategic) alliances. The authority will remain in effect for a period of 18 months (i.e. until November 8, 2021) and shareholders'pre-emptive rights may be waived. In aggregate, the authorisations requested under ITEMS 9a and ...

Valérie GASTALDY

Short term view - DSM : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €75.61. The background trend would be questioned should prices rise above €93.04.

Valérie GASTALDY

Analyse court terme - DSM : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 75,61 €. La tendance de fond serait remise en cause en cas de franchissement de 93,04 €.

Valérie GASTALDY

Short term view - DSM : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €75.61. The bearish trend would be challenged above €93.04.

Valérie GASTALDY

Analyse court terme - DSM : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 75,61 €. La tendance baissière serait remise en cause au-dessus de 93,04 €.

Valérie GASTALDY

Medium term view - DSM : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €75.29. A break below €75.29 would challenge the trend.

1 director bought

A director at Koninklijke Dsm Nv bought 186 shares at 107.000EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

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Benelux Morning Notes

AB InBev: Waiting for the storm. Ahold Delhaize: Bumper results. Air France-KLM: 1Q20 weak but best quarter in FY20. ArcelorMittal: 1Q20 better than expected earnings and cash, taking the right measures. BAM: Weak 1Q and not so much due to Covid-19 yet. Basic-Fit: Gym closures in NL extended to 1 September. DSM: Superhero. Euronav: Strong 1Q20 beat, even stronger 2Q outlook. Groupe Bruxelles Lambert: Drop in net result vs. spike in cash earnings. KPN: VodafoneZiggo reports strong Q1, cuts its 2020 OCF guidance. Van Lanschot Kempen: Market dislocation results in net loss for...

Alan Vandenberghe ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AD NA, AKA FP, BAMNB NA, BFIT NA, CYAD BB, DSM NA, EURN BB, GBLB BB, INTO BB, KIN BB, NN NA

AB InBev: 1Q volumes -9.3%, EBITDA -13.7% Ahold Delhaize: Very strong margins and FCF in 1Q20 AKKA: 9% org. decline in Q1, 15-20% drop foreseen in 1H20 BAM Group: 1Q20 results Basic-Fit: Gyms max closed until 1 Sept in NL Celyad: 1Q20 update in line with expectations DSM: Resilient 1Q with EBITDA flat Euronav: Solid quarter, total $ 1.1 p.s. dividend paid in June GBL: Withdrawal of € 1b in Credit Lines IO&W: 1Q20 Results: Buy confirmed Kinepolis: Dutch Cinemas open as of 1 June with max capacity NN Group: NN added today to our Top Picks list Various: DTPL : NN in; Agfa, Orange Belgium and Sipe...

Alan Vandenberghe ...
  • Guy Sips
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGFB BB, BALTA BB, BPOST BB, DSM NA, GVNV NA, IVA FP, MITRA BB

Agfa: Completed sale of part of HealthCare’s IT business Balta: 1Q results still OK, coming quarters will be tougher bpost: Slightly better Q1 results, no dividend update yet DSM: Preview: resilience from Nutrition expected in 1Q GrandVision: Materially affected by COVID-19 Inventiva: NATIVE-trial baseline characteristics disclosed Mithra: Myring commercialization in Switzerland with Gynial

Alan Vandenberghe ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Thematic Note : Oil My Glut

The current COVID-19 crisis has paralyzed the world economy and pushed down oil prices to extreme low territories. OPEC+’s responsive production cuts have so far been as much as a drop in a bucket of falling demand. Oil majors have been among the first to announce significant Capex and Opex reductions for 2020, having a rippling effect throughout the eco system. In the following, we have taken a look at the oil situation so far and to what extent we believe the companies under our KBC Securities coverage could have negative, or even positive effects from the current low oil price environment....

Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AED BB, ATEB BB, BOKA NA, DSM NA, FLOW NA, KBCA BB, MTLS US, MELE BB, MITRA BB, NN NA, RET BB

AB InBev: Issuing $ 6bn Notes Aedifica: Reassuring comments on COVID-19 impact Atenor: Do you dare to take the risk? Boskalis: Covid-19 update with cancellation dividend and SBB DSM: Closing of Glycom acquisition Flow Traders: Making FY2019 revenue in just a few weeks KBC Ancora: Cuts Dividend Materialise: Covid-19 : How 3D printing could save lives Melexis: Withdraws FY20 guidance and final dividend Mithra: COVID-19 update on Donesta phIII, Myring in GE NN Group: Closing VIVAT acquisition, powering ahead Retail Estates: Another COVID-19 update Various: DTPL Update : Barco and HAL in

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent
  • Timothy Rahill

BNLX+ Corporates/European and BeNeLux credit value mapping

Strategy and Supply: • Mildly bullish for 2020, with preference for less cyclical sectors • Expect corporate credit curves to flatten • CSPP targeting long end of the curve • ECB purchasing more new and recent issues under CSPP • BeNeLux supply to remain in line with 2019 . Selected sectors and BeNeLux names: • Food retailers: Always light in the darkness • Telecoms: KPN and Proximus focus on digitalisation to drive cost savings • Utilities: 2020 will be a fundamentally robust year Netherlands, Belgium and Luxembourg Economics: • Netherlands: Only a small slowdown thanks to fiscal pol...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Swedbank, DSM and RWE

Financials: Swedbank gives an update on the AML issue process, the preferred curve looks too flat

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Société Générale, Barclays, Standard Chartered, DSM, ArcelorMittal, Acea, Veolia and TenneT

Société Générale reported lower earnings and higher capital metrics, 75% of the funding programme completed

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev, Coca-Cola HBC, UniCredit, TI and DSM

AB InBev (ABIBB) reported first quarter results that were strong, albeit somewhat short of consensus estimates. Revenue came in at US$12,589m, set against consensus of US$12,644m. Revenue fell 3.8% against the 1Q18 reference base, which includes the effects of lease accounting under IFRS16 and hyperinflation accounting for Argentina. Guidance for 2019 was left unchanged as the company continues to expect strong revenue and EBITDA growth. AB InBev further confirmed that it is actively pursuing the listing of a minority stake in the Asia Pacific business on the Hong Kong Stock Exchange.

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

KONINKLIJKE DSM sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KONINKLIJKE DSM (NL), a company active in the Specialty Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 11, 2020, the closing price was EUR 116.65 and its potential was estimated at EUR 125.12.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Koninklijke DSM – AGM 8 May 2020

In general, Koninklijke DSM ("DSM") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 9b the supervisory board seeks authorisation to be the designated body entitled to issue additional shares and/or grant of rights to subscribe for shares in connection with mergers, acquisitions and/or (strategic) alliances. The authority will remain in effect for a period of 18 months (i.e. until November 8, 2021) and shareholders'pre-emptive rights may be waived. In aggregate, the authorisations requested under ITEMS 9a and ...

Expert Corporate Governance Service (ECGS)

Koninklijke DSM - AGM 08 May 2019

In general, Koninklijke DSM ("DSM") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 9b, the supervisory board seeks authorisation to increase the Company's share capital in connection with mergers, acquisitions and/or strategic alliances. In aggregate, the authorities requested to issue shares are limited to 20% of the Company's share capital, which exceeds' ECGS' guidelines. Consequently, ECGS recommends to vote OPPOSE. There are no further peculiarities.

KONINKLIJKE – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/0/2017

Under agenda item 5a, it is proposed to amend the Articles of Association in relation to the Cumulative Preference Shares A. The changes are such that the dividend percentage of the Preference Shares will every year be based upon the dividend yield of the ordinary shares in the preceding year. We have no concerns over the proposed amendment, we consider the proposed return on the Cumprefs A to be fair. We recommend approval.Under agenda item 10b, it is proposed to authorize the Management Board for a period of 18 months to restrict or exclude the pre-emptive rights allowed to shareholders in r...

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